A decentralized exchange (DEX) is a cryptocurrency exchange that operates without a central authority, allowing users to transact peer-to-peer from wallet to wallet whilst maintaining complete control of their assets. DEXs reduce the risk of price manipulation, as well as hacking and theft because crypto assets are never in the custody of the exchange itself.

Popular DEXs in the Avalanche decentralized finance (DeFi) space currently include Pangolin & JellySwap.

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